How do digital currencies compare to PayPal in terms of fees for receiving money internationally?

3 answers

• Dec 28, 2021 · 3 years ago
  Digital currencies, such as Bitcoin and Ethereum, often have lower fees compared to PayPal for receiving money internationally. This is because digital currencies operate on decentralized networks, eliminating the need for intermediaries and reducing transaction costs. Additionally, digital currencies may offer faster transaction times, especially for cross-border transfers, as they are not subject to traditional banking processes and regulations. However, it's important to note that the fees associated with digital currencies can vary depending on factors such as network congestion and the specific cryptocurrency being used.
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• Dec 28, 2021 · 3 years ago
  When it comes to fees for receiving money internationally, PayPal is known for its convenience but can be relatively expensive compared to digital currencies. PayPal charges a percentage-based fee, which can range from 2.9% to 4.4% of the transaction amount, plus a fixed fee based on the currency involved. In contrast, digital currencies often have lower transaction fees, which are typically based on the network's current congestion level and the amount being transferred. However, it's important to consider other factors such as exchange rates and the availability of digital currency acceptance in the recipient's country.
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• Dec 28, 2021 · 3 years ago
  From my experience working at BYDFi, a digital currency exchange, I can say that digital currencies generally offer lower fees for receiving money internationally compared to PayPal. This is because digital currencies operate on decentralized networks, reducing the need for intermediaries and associated fees. However, it's important to consider factors such as network congestion and the specific digital currency being used, as these can impact the fees. Additionally, it's worth noting that digital currencies may offer other advantages, such as increased privacy and control over funds.
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